Several global property firms are joining Chinese developers in capitalizing on the demand for elderly housing as the country’s population ages, the Wall Street Journal reported Wednesday. Merrill Gardens Related, a joint venture between real-estate developer Related Cos. and senior-housing operator Merrill Gardens of the US, is working with local developers to build facilities for the elderly in Shanghai, Harbin and Suzhou, the report said. Earlier, Fortress Investment Group had embarked on a joint venture with Fosun International for the Starcastle Senior Living project in Shanghai, it noted. In August this year, Beijing-based Sino Ocean Land and Seattle-based real-estate firm Columbia Pacific jointly opened Senior Living L’Amore-Kaijian, a 110-bed facility in Beijing’s Yizhuang district.
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